Sep 9, 2016
The same crap.... which is more interesting and faster: a) watching your hair growing? b) watching paint drying? c) watching the indexes the last 8 weeks? This says everything - "Over the past 40 days, the Dow has traded in its tightest range in at least 100 years." I will be away the weekend and next week, that is why I am posting one day earlier. Only two charts, there is no point posting the same charts from last week, analyzing 5 points range:) Short term I am not sure which pattern will play out. Because of the chart below(better looking 40day/20/40 week cycle) the red scenario looks more interesting - the zig-zag could mutate to even bigger zig-zag(red), the other option is the indexes continue crawling higher. It is not really important. Around 2160 the buyers stepped in three times(three candles with long shadows and MA50) this is the line in the sand for the two scenarios. As long as the price stays above it green is still alive, but the indexes should rally today or on Monday. UPDATE: looking the futures 1 hour before the opening the more bearish scenario red is playing out.... unless we see some crazy hockey stick move higher.